The Los Angeles-based True Religion, which is owned by TowerBrook Capital Partners, said Wednesday the reorganization will reduce its debt by more than $350 million. The company also said it secured up to $60 million in financing from Citizens Bank.

True Religion filed a voluntary Chapter 11 petition in Delaware and expects it will take between three and four months to be confirmed by the court.

The company, founded in 2002, designs, markets, distributes and sells clothing and apparel.